Prime Fund Solutions, the Fortis Merchant Banking business unit dedicated to servicing the alternative and traditional investment industry, has successfully launched an improved central platform for automated reconciliations.
This Reconciliations Platform will not only significantly reduce the effort needed to perform reconciliations, but will also reduce the operational risks resulting from manual reconciliation processes.Initially, the Platform will be used to reconcile the holdings of fund of hedge fund clients in the custody system with the holdings according to the underlying fund administrators.
“During the coming months, the platform will be rolled out for other types of reconciliations and to users in all three major time zones: Asia, Europe and the Western Hemisphere,” says Richard Heimans, programme manager.
“Our clients demand timely and accurate reconciliations and this new platform ensures that we can continue to fulfil these demands going forward,” adds Sue Novo, COO, Prime Fund Solutions.